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The Empire

New York consumer confidence grows, but stays below this time last year

New York voters are looking on the brighter side of life, according to a new Siena Poll released this morning. Confidence rose by 3.1 points in November, with national confidence rising slightly higher at 3.2 points.

“As holiday lights brighten the season, and national economic indicators including jobs reports, stock market increases and early holiday spending offer cheer, consumer confidence rose this month for the first time since May,” Dr. Doug Lonnstrom, Siena Research Institute's founding director said in the release.

“Good news, but hold your reindeer. Although we see confidence gains among Democrats and older New Yorkers, the overall willingness to spend remains well below the point at which optimism simply equals pessimism and the index is nearly five points under where the state’s confidence was this time last year," said Lonnstrom. "New Yorkers continue to be more pessimistic about the current financial landscape than the rest of the country but are more, albeit not very, positive about the future than the nation."

New Yorkers are also feeling the squeeze on core goods. Check out the graphic below--people are struggling at levels not seen since the depths of the Great Recession, according to Siena: